In 2011, the income generated by businesses in the UK Business Economy, less the cost of goods and services used to create this income was estimated to be £977.4 billion. This amount represents the approximate Gross Value Added at basic prices (aGVA).
Between 2010 and 2011, aGVA recorded a rise of 5.8% (£53.8 billion). This annual increase is a continuation of the recovery seen between 2009 and 2010; taking aGVA above the level seen in 2008, at the start of the recession.
All regions other than the South West saw growth in aGVA between 2010 and 2011, with London, Scotland and the South East contributing most to overall growth.
The sub-national picture remains mixed with only 6 out of 12 regions having aGVA above 2008 pre-recession levels.
This release includes sizeable revisions to the provisional 2010 Regional results. At the UK Business Economy level aGVA was revised downwards by 1.6% (£14.7 billion). Revisions were driven by changes within the Insurance and Reinsurance sector where a small number of businesses had been returning global figures rather than UK only. Any comparison of results with years prior to 2010 should be undertaken with caution, particularly for Financial and Insurance activities (Section K) and in Scotland.
UK Business Economy (Sections A-S), aGVA by region/country
- Data for Scotland between 2009 and 2010 can not be directly compared due to a break in the data series.